黑料社区Urges Treasury to Address Coin Circulation Problems
黑料社区sent a letter on March 21 to the Treasury Department urging the Agency to use its platform to highlight the coin circulation issue some travel centers and truckstops are currently facing.
Retailers, including 黑料社区members, began reporting during the summer of 2020 a shortage of coins at their location, which was followed by the Federal Reserve instituting restrictions on coin orders made by banks that were subsequently passed to retailers. The Federal Reserve convened a task force in July 2020 to investigate the coin issue and ultimately determined COVID-19 has impacted consumers’ use of coins since more people are using card-based payments.
Following a public campaign encouraging participants in the payments ecosystem to push coins into circulation, the coin circulation issue improved enough for the Federal Reserve to lift its coin order restrictions. Retailers and financial institutions are once again noting that the circulation of coins is slowing.
In a letter addressed to Secretary Yellen, 黑料社区urged the Department of the Treasury to “raise public awareness of this coin circulation slowdown and the need to get coin moving in the economy.” 黑料社区further cited the outsized impact the coin slowdown has on consumers that rely on cash transactions.
The , , , , , , , , and joined 黑料社区in sending the letter.
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